Forecasts show that Denver home prices will continue to rise. It’s a great time for sellers to put their homes on the market right now. It’s expected that the shortage of supply combined with an increase in demand for housing will result in higher home prices in 2021. Colorado home prices have increased 7.1% in the past year and are expected to rise to 10.2% in the next year. Denver homes specifically have gone up 6% in the past year and it’s expected that number will rise to 10% in the next year. Buyers may be able to regain some control by demanding more concessions. Make sure you are prequalified for a loan and have a realistic idea of what you can afford for a downpayment so sellers are more likely to seriously consider your offer. Keep this information in mind while searching for your dream home. If you find a home you like, it may be worth snatching it up sooner rather than later!
What is the best time of year to buy a home?
The housing market is booming in Denver right now, so buying at a good time of year could help you. Housing inventory, mortgage rates, and market trends differ monthly. Generally, winter is the best time to buy because the competition is not as strong in the colder months of the year. As a result, home prices should be a little lower than usual. Waiting to buy until the wintertime does not always mean waiting until the end of the year though. Shopping for a home at the end of the year may lock you into a higher mortgage rate, so do your research first. Your best bet for buying a home in Denver is to shop around and view homes during the summer months and carefully come to a decision as the weather cools down.
If you'd like more information about buying a home, the current market conditions, or how we can help, contact Corcoran Perry & Co. today!